FINANCE

Ollie's Bargain Outlet Holdings raised its full-year outlook after shoppers flocked to its stores in search of its signature “good stuff cheap” during the holiday season.   For the nine-week period ended December 31, 2016, Ollie’s total sales increased 16.3%, with a same-store sales increase of 1.9%. The discounter said it now expects full-year net sales to total about $888 million, ahead of the FactSet consensus of $874 million. It expects same-store sales growth of about 3% and per-share earnings of about 93 cents.

Gap Inc. turned in a positive holiday performance, reversing a string of declines, fueled by strong results from its Old Navy division and improvements by its namesake unit. The apparel giant also boosted its guidance for the year.    Gap’s net sales for the November and December holiday season edged up 1% compared to the year-ago period. Total same-store sales rose 2%.  

Neiman Marcus Group is not going public anytime soon.    In a filing on Friday, the luxury department store retailer said it would withdraw its initial public offering, having determined "that it is not in its best interests" to proceed with the initial public offering at the current time.     

Poor holiday sales results from Macy’s, Sears, and Kohl’s do not bode well for the already embattled department store sector. And now J.C. Penney has reported its own disappointing results.   

Walgreens Boots Alliance on Thursday reported a better-than-expected profit for its first quarter and also said an announcement that it has closed the deal on its proposed acquisition of Rite Aid would come soon.   Walgreens confirmed it is actively engaged in discussions with the Federal Trade Commission regarding its pending Rite Aid acquisition, which was announced more than 14 months ago. Also subject to FTC approval is the sale of 865 Rite Aid locations to Fred's for almost $1 billion.    

Sears Holdings Corp. is seeking to stop its bleeding and raise more cash by closing another 104 stores and selling its iconic Craftsman tools brand.   The struggling retailer said it has reached an agreement to sell Craftsman to Stanley Black & Decker for a net present value of about $900 million, including future royalty payments. Sears, which will continue to sell Craftsman products, had put the brand, along with its Kenmore and DieHard brands, up for sale several months ago.   

The partnership between the U.S. Postal Service and Staples has come to an end.   The program started as a pilot in late 2013 and was eventually expanded to about 500 Staples locations. It effectively placed mini post-offices in the chain’s stores, with Staples’s non-union employees providing some of the same services that the Postal Service’s union employees performed.      

A few familiar retail names are reportedly in discussions to buy American Apparel.    Amazon and Forever 21 are among the companies in talks with the bankrupt manufacturing and retail company and its advisors about submitting offers ahead of a deadline on Friday, Reuters reported.